03_MH_AP_Reports_Requirement__ATTACHMENT___C.doc

ATTACHMENT C 01/01/2007

Ginnie Mae Manufactured Housing Reporting Instructions -

Requirements for Accounting Report Forms

Purpose of the MHAP -1 Report: This report is to identify all Ginnie Mae manufactured housing acquired properties (Real Estate Owned) presently managed by the subservicer. The subservicer should report a property on the manufactured housing acquired properties (MHAP) reports when Ginnie Mae acquires a property through either a (1) Repossession, (2) Abandoned, or (3) when a whole loan. In situations (1) and (2), the subservicer should transfer the loan (property) from the Manufactured housing Holding Loans (MHHR-2) reports to the MHAP-2 and MHAP-1 reports. In situation (3), the subservicer should transfer the loan (property) from the Manufactured housing Whole Loan (MHWL-2) reports to the MHAP-2 and MHAP-1 reports. Transactions involving receipt or disbursement of funds should be reported in the month that the funds were actually wired to or from the subservicer.

Preparation Instructions:

1.

Ginnie Mae Pool Number - enter the Ginnie Mae pool number assigned to the loan

2. Subservicer Loan Number - enter the loan number assigned by subservicer.

3. Loan Type - enter the loan type whether the loan is a VA, FHA or a RHS loan.

4.

State Location of Property - enter the state in which the property is located. Use the two letter state abbreviation, e.g. OK = Oklahoma, TX = Texas, etc.

5. Date of Acquisition - enter the date property became a Real Estate Owned property.

6. Purchase Price - enter the amount of principal and interest paid by Ginnie Mae to security holders to purchase the loan out of the Ginnie Mae MBS servicing pool. The purchase price should include all unreimbursed principal and interest payments made by Ginnie Mae to the security holders while the loan was delinquent.

7. Collections – enter the amount of collections received from mortgagors (whose loans are still on the MHAP reports) to clear their credit report of outstanding debt. (Once the loan is removed from the MHAP reports, these collections appear on the MHPR-7 wire report only.)

8. Charge-offs – enter the amount of principal and interest charge-off for the loan. Some reasons for charge-offs are (1) a loan was incorrectly amortized, (2) a judge may forgive part of the note, (3) the home may have been abandoned.

9. Write-offs – enter the dollar amount necessary to reduce the property’s balance to zero. The following month this loan should be removed from the MHAP-1 report. This amount will equal the MHAP-2, line 7, column 1b.

10. Total – enter the property’s net balance at the reporting month’s end. This amount is the purchase price less any collections, charge-off and/or write-off amounts. This amount should agree with the MHAP-2, line 8, column 1b.

Purpose of the MHAP-2 Report: This report summarizes all activity on Ginnie Mae’s acquired manufactured housing properties (real estate owned) by defaulted issuer.

Preparation Instructions:

Line 1 - Beginning Inventory - enter the number and dollar amount of manufactured housing properties owned by Ginnie Mae at the beginning of the reporting period. The number and dollar amount should agree with the prior month’s ending balance. Note: The government’s fiscal year end is September 30 and the beginning fiscal inventory balance should be as of October 1st. The cumulative to date column is the beginning at the time of the portfolio’s transfer to the subservicer.

Line 2 -Purchases - enter the number and amount of principal and interest paid by Ginnie Mae to the security holder to purchase the properties out of the Ginnie Mae MBS pool. The purchase price should include all unreimbursed principal and interest payments made by Ginnie Mae to the security holder while the loan was delinquent. This amount should equal the MHAP-3, column 6 and the MHPR-1 or 2, line 8. Update the fiscal year to date and cumulative columns to reflect the monthly purchases.

Line 3- Transfers-In - enter the number of loans and principal and interest dollar amount of manufactured housing properties transferred in from holding reports (MHHR-2) or the whole loan (MHWL-2) reports. Update the fiscal year to date and cumulative columns to reflect monthly transfers in from the MHHR or MHWL reports.

Line 4 - Sales (Gross Proceeds) (-) enter the number and dollar amount of manufactured housing properties sold by the subservicer during the reporting month. This amount will equal the total of MHAP-4, column 6. Update the fiscal year to date and cumulative columns to reflect any proceeds received.

Line 5 – Collections - enter the amount of collections received from mortgagors (whose loans are still on the MHAP reports) to clear their credit report of outstanding debt. (Once the loan is removed from the MHAP reports, these collections appear on the MHPR-7 wire report only.)

Line 6 - Charge-Offs - enter the amount of principal and interest charge-off for the loan. Some reasons for charge-offs are (1) a loan was incorrectly amortized, (2) a judge may forgive part of the note, (3) the home may have been abandoned.

Line 7 - Write-offs (-) enter the dollar amount necessary to reduce the property’s balance to zero. The following month this loan should be removed from the MHAP-1 report. This amount will equal the MHAP-1, column 9 or the MHAP-4, column 6.

Line 8 - Ending Inventory - enter the number and dollar amount of manufactured housing acquired properties held at the end of the month. Update the fiscal year to date and cumulative columns to reflect any changes. The Ending Inventory should agree to the MHAP-1, column 10.

Purpose of the MHAP-3 Report: This report is used to collect detailed information, by defaulted issuer, on the purchase of manufactured housing acquired properties by Ginnie Mae out of the MBS servicing portfolio serviced by the subservicer. This should match the MHPR-1 or 2, line 8.

Preparation Instructions:

1.

Ginnie Mae Pool Number - enter the Ginnie Mae pool number assigned to the loan.

2.

Subservicer Loan Number - enter the loan number of mortgage assigned by subservicer and related Ginnie Mae pool number.

3. Number of Loans - number of properties purchased. This should agree with the MHAP-2, line 2, column 1a.

4. Payments to Security Holders - enter the amount of principal and interest passed through to security holders to purchase manufactured housing acquired properties out of the MBS pools.

Column 4a plus 4b should match the MHPR-1 or 2, line 8.

4a.

Principal - enter the principal portion of pass-through payment to security holders to purchase the property.

4b.

Interest - enter the interest portion of pass-through payment to security holders to purchase the property.

5.

Prior Advance Payments by Ginnie Mae - enter the amount of principal and interest payments to security holders made by Ginnie Mae on the delinquent loan prior to the purchase of the property by Ginnie Mae from the security holder pool.

5a.

Prior Advance Payments by Ginnie Mae - Principal - enter the principal portion of payments to security holders made by Ginnie Mae on the delinquent loan prior to the purchase of the property by Ginnie Mae from the security holder pool.

5b.

Prior Advance Payments by Ginnie Mae - Interest - enter the interest portion of payments to security holders made by Ginnie Mae on the delinquent loan prior to the purchase of the property by Ginnie Mae from the security holder pool.

6.

Total Purchase Price - enter the calculated amount by summing the above items (4a +4b+5a+5b). The total purchase price amount should match the MHAP-2, line 2, column 1b.

Purpose of the MHAP-4 Report: This report is used to collect detailed sales information, by defaulted issuer, on the sales of Ginnie Mae acquired properties (real estate owned) being managed by the subservicer.

Preparation Instructions:

1.

Ginnie Mae Pool Number - enter the Ginnie Mae pool number assigned to the loan.

2.

Subservicer Loan Number - enter the loan number assigned by subservicer.

3.

Purchase Price - enter the amount of principal and interest paid by Ginnie Mae to the security holders to purchase the acquired property out of the Ginnie Mae MBS pool. The amount should also include all unreimbursed principal and interest payments made by Ginnie Mae to the security holders when the loan was in delinquency status. The purchase price should not include service fees.

4. Expenses Paid By Ginnie Mae - enter the dollar amount of expenses paid by Ginnie Mae, taxes and insurance from the Escrow Shortfalls Report, MHAP-7 and the MHPR-6 billing for the Extraordinary Expenses.

5. Gross Sales Proceeds - enter the gross sales proceeds received on the sale of the manufactured homes REO. This amount should agree with MHAP-2, line 4.

6. Write-offs/Net Gain/(Loss) - Columns (3 – 5 = 6). The total of this column should equal MHAP-2, line 7.

Purpose of the MHAP-5 Report: This report is to provide summary information by defaulted issuer to Ginnie Mae on the activities related to the collection of escrow funds and the disbursement of those funds for the payment of taxes and insurance on Ginnie Mae Real Estate Owned Properties loans. The report will also reflect any reimbursement requests by the subservicer for escrow (number 4 below) or the repayment of escrow monies to Ginnie Mae (number 6 below) during the reporting month.

Preparation Instructions:

1. Escrow Beginning Balance - enter the amount of monies on deposit at the beginning of the reporting period to pay taxes and insurance due on Ginnie Mae REO loans. The beginning balance should agree to the prior month’s ending balance. Update the fiscal year to date and cumulative columns.

2. Transfer-In – enter the amount of any escrow balance from the mortgagee’s loan history report. The mortgagee has abandoned the property and the loan has been purchased out of the pool.

3. Transfer-In - enter the escrow balance transferred in from the MHHR-5, Holding Report and MHWL-5, Whole Loan report. Update the fiscal year to date and cumulative columns to reflect the total of escrow amount.

4. Funding By Ginnie Mae - enter the funds provided by Ginnie Mae to make up shortfall in the escrow accounts needed to pay taxes and insurance on Ginnie Mae REO’s. Update the fiscal year to date and cumulative columns.

5. Disbursements - enter the amount of escrow monies paid out during the reporting month for the payment of taxes and insurance. Update the fiscal year to date and cumulative columns.

6. Write-offs - enter the escrow balance amount needed to zero out the account balance. Once a loan is sold the remaining escrow balance is removed from the T&I account. Update the fiscal year to date and cumulative columns to reflect the total of T&I funds removed.

7. Escrow Ending Balance - enter the amount of monies on deposit at the end of the reporting period for taxes and insurance due on Ginnie Mae REO loans. Update the fiscal year to date and cumulative columns.

Purpose of the MHAP-6 Report: This report is to request information on outstanding FHA, VA and RHS claims receivable due Ginnie Mae on a loan level detail. As a general rule, this report will reflect only the principal, interest, taxes and insurance portion of FHA/VA/RHS claims receivable outstanding on acquired properties (real estate owned) due to Ginnie Mae.

Preparation Instructions:

1.

Ginnie Mae Pool Number - enter the Ginnie Mae pool number assigned to the loan.

2.

Subservicer Loan Number - enter the loan number assigned by subservicer.

3. Claim Type - enter the claims field with either the Federal Housing Administration (FHA), the Veterans Administration (VA), or the Rural Housing Service (RHS) by type.

4.

Date Filed - enter the date the claim was filed.

5. Total Debt - enter the dollar amount of claims filed to FHA, VA and RHS during the current month. This column must be filled in if there are any collections.

6. Claims Collected - enter the dollar amount of claims received during the reporting month.

6a. Claims Collections - enter the amount of claims collected for the month.

6b. Date Funds Received - enter the date claims funds were received.

7.

Claim Write-offs and Adjustments - enter the write-offs and adjustments on Ginnie Mae, FHA, VA and RHS claims receivable during the reporting month. After all claims proceeds have been received for a given loan, the remaining receivable should be written off.

8.

Ending Claims Receivable Balance - enter the outstanding claims receivable balance due to Ginnie Mae at the end of the reporting month. The ending balance should reflect claims filed, claim receipts and write-offs during the reporting period.

Aging of Outstanding Claims

Complete the aging schedule of claims by recording the number and dollar amount of FHA, VA, and claims outstanding, by the appropriate days outstanding category.

Purpose of the MHAP-7 Report: This report is to request cumulative information at a summary level from the MHAP-6 report on outstanding FHA and VA claims receivable due to Ginnie Mae.

Preparation Instructions:

Line 1 - Beginning Balance - record the beginning claims receivable balance. This amount should be the prior month’s ending receivable balance. Note: The government’s fiscal year end is September 30th and the beginning fiscal inventory balance should be as of October 1st.

This should equal the MHAP-6, column 4.

Line 2 - Claims Filed - enter the total claims filed during the reporting period. This amount should agree with MHAP-6, column 5. Update the fiscal year to date and cumulative amount columns for current month activity.

Line 3 - Claims Collected - enter the dollar amount of claim receipts during the reporting month. This amount should equal claim receipts reported on MHAP-2, line 5 and the MHAP 6, column 6. Update the fiscal year to date and cumulative amount columns for current month activity.

Line 4 - Claims Written Off - enter the dollar amount of claim write-offs during the reporting month. This amount should equal claim write-offs reported on MHAP 6, column 7. Update the fiscal year to date and cumulative amount columns for current month activity.

Line 5 - Ending Balance - enter the dollar amount of claims due Ginnie Mae outstanding at the end of the reporting period. This amount should agree with the MHAP-6, column 8.